Tax Alerts

On May 19th the Supreme Court issued a ruling in Tibble vs. Edison International in favor of employees in a lawsuit against the plan sponsor over fees charged to their 401K plan. If you are the owner of a company which sponsors a 401K plan or a member of management or a human resources department who is a plan trustee, or responsible for administration of your company’s 401K plan, there are several things you should be doing on an ongoing basis to make sure you are fulfilling your fiduciary responsibilities.

The Affordable Care Act Health Insurance Mandate is finally here. Many businesses are still trying to determine if it applies to them, when it applies to them and how to deal with it. There are also concerns about the reporting and tracking of information for Forms 1094C (for the Company) and 1095C (for each employee). The final rules are summarized here...

The Affordable Care Act (ACA) imposes a fee on self-insured health plans to fund the Patient Centered Outcomes Research Institute (PCORI). For self-insured plans ending in January 2014 through September 2014, the fee is $2 per covered life based on the average number of lives covered under the policy or plan. For self-insured plans ending in October 2014 through December 2014, the fee is $2.08 per covered life.

The IRS announced on Tuesday, May 26, 2015, that cyber criminals stole tax return information from the IRS’s “Get Transcript” application on its website. The IRS reported that 200,000 attempts were made to access data, and that the criminals were successful in gaining access to approximately 100,000 U.S. taxpayer accounts. The stolen data included Social Security information, date of birth, and street address. The “Get Transcript” application has been disabled temporarily so that the IRS can make modifications and strengthen the security of the application.

Are you starting to plan for college? Are you or your child in college now? If you answered yes to either of these questions, there are many tax incentives related to college savings plans and tuition that you should know.